Here is a little more background info for everyone to double check my initial repair and expense numbers that I used so I can be more knowledgeable going forward The house is a 3/1 built in 1955 with 1100 sqft and it would be in a C neighborhood.

The PM was never prompt on payments to us, so we never knew if the tenant was late or not, we never got statements. 

One time repair charges can get an exception with paper-trail.    

Additionally there are purchase-to-repair ratios that I'll be getting near. 

To use just one of the properties I’m looking at as an example it’s AVR is around $165k and $25k in repairs putting my max offer around $90,500.

Principal, interest, tax, insurance, maintenance repairs, capital expenses, utilities ( if there are any the tenants won't cover), vacancy.  

I am not making any $$ on it, really, because after repairs, vacancies, etc. it eats through my generated income. 

A little info: Asking price- $41,900Our first offer- $24,000(house needs $15,000 in repairs, all cosmetic, nothing structural) we cover closing cost, 10 day option period/ $100, title policy and survey at sellers expense.

Perhaps open a HELOC and keep $10-20k in reserve for that one month when a water heater blows up and you need a roof repair. 

- major property repair ?